Shares of ACM Research (ACMR -1.33%) rose on Tuesday after the wafer cleaning technologies provider reported some preliminary results for 2019 and provided an initial outlook for 2020. As of 12:45 p.m. EST, the stock was up about 17%.
ACM expects to report 2019 revenue between $105 million and $107 million, representing year-over-year growth between 41% and 43%. Previously, the company had guided for full-year revenue of $105 million.
ACM forecasts 2020 revenue to be between $130 million and $150 million, up 21% to 43% from 2019. "We expect another year of strong growth in 2020, as we execute on our mission to become a major supplier of equipment to the global semiconductor industry," said CEO David Wong.
The wide guidance range is a result of several uncertainties, according to Wong: "The range in our full-year 2020 outlook reflects various spending scenarios of the trajectory for production ramps for our customers, the recovery speed of the DRAM market, and the timing of revenue acceptance for first tools under evaluation in the field."
ACM expects to report its full fourth-quarter and 2019 results in early March. The company is meeting with investors at the Needham Growth Conference today.
Tuesday's rally adds to the impressive gains racked up by the tech stock recently. Shares of ACM are now up more than 132% over the past three months.